Global Healthcare Cold Storage Market By Temperature Type (Chilled, Frozen), By Storage Technique (Dry Ice, Electrical Refrigeration, Gel Packs, Liquid Nitrogen, Others), By End-user (Academic & Research Institutes, Pharmaceutical & Biotechnology Companies), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
Healthcare Cold Storage Market Outlook
The Healthcare cold storage market was valued at USD 4,420.4 million in 2020 and is projected to reach USD 11,670.4 million by 2028, expanding at a CAGR of 13.1% during the forecast period. Increased automation in refrigerated warehouses is expected to drive up demand even more.
The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life. Pharmaceutical acceptability is increasing, which is fueling the development of the global cold storage industry.
Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of rules and codes are all potential roadblocks to the global cold storage market's overall expansion. Also the market's expansion is being hampered by a lack of adequate facilities and dependable sources of power in cold storage facilities.
In healthcare cold storage market, increased automation in refrigerated warehouses is expected to drive up demand. The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life.
Pharmaceutical acceptability is increasing, which is fueling the development of the global cold storage industry. Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of rules and codes are all potential roadblocks to the global cold storage market's overall expansion.
IoT and real-time visibility is making a big impact on the growth of healthcare cold storage market. Real-time visibility into temperature changes is possible because to technology-enabled tracking, block-chain, monitoring devices, and cloud storage, as well as the ability to intervene before damage is done. Sensors in the Internet of Things keep supply chains on the lookout.
Sensors installed on every container, package, or unit on the production floor may be followed during their route to the healthcare institution, allowing digital technology to aid manage distribution once the products leave the plant.
Medical cold storage facilities are outfitted with the most up-to-date EDI order fulfilment, temperature monitoring systems, radio frequency identification abilities, and a sophisticated Inventory Control System that ensures that every product is tracked at all times.
Macro-Economic Factor
Cold Chain Management is under pressure to meet cost efficiencies
Despite technological advancements in cold chain systems, most of them are expensive to be widely available. Some transportation providers use low-quality cold storage systems. There is a high chance that a piece of equipment or device in the cold chain breaks, due to the low quality of the cold storage system.
Lack of Uniform Infrastructure
Scientific advancements resulted in reliable cold chain devices; however, cutting-edge technology is expected to fail, owing to lack of details. Modern active cooling technology is useless without a power source and require the correct adaptor and power.
Healthcare Cold Storage Market Dynamics
Driver- Increased automation in refrigerated warehouses
In the next several years, the expanding sector of vaccine is expected to help drive the demand for cold storage solutions. The impact of cold chain shipping is reduced by providers and users of thermal packaging devices.
Increased automation in refrigerated warehouses is expected to drive up demand even more. The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life.
Driver- The worldwide healthcare cold chain logistic industry is expected to grow, due to increased usage by pharmaceutical businesses.
Pharmaceutical acceptability of cold storage is increasing, which is fueling the development of the global cold storage industry. Pharmaceutical companies are creating new cures, methods, and medications to tackle the rising frequency of chronic and lifestyle-related disorders. Genetic therapies, diagnostic imaging, and regenerative medications are demanded in recent decades, with effective temperature and temporal controls.
Restraint- A lack of adequate infrastructure
The market's expansion is being hampered by problems such as a lack of adequate infrastructure and stable power supplies at cold storage facilities. In addition, the lack of proper power hook-ups at transportation hubs is likely to stifle expansion over the forecast period.
Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of standards and norms are all potential roadblocks to the global cold storage market's overall expansion.
Opportunity- Increasing government support for infrastructure development
Increasing government support for infrastructure development to reduce processed surgical equipment wastage, increasing foreign direct investments in developing economies, and advancement of technical and exceptional approaches to solve the issue of unreliable power supply are anticipated to build potential revenue opportunities during the forecast period.
Healthcare Cold Storage Market Segmental Outlook
Based on temperature type, the cold storage market is segmented into chilled and frozen. In 2020, the frozen category dominated the market, accounting for more than 78 percent of global revenue. It is used to guarantee that specific medicines are stored securely inside a narrow temperature range, as specified by the manufacturer; this is usually within +2 and +8 degrees Celsius, with +5 degrees Celsius being optimum.
Based on storage technique, the cold storage market is segmented into dry ice, electrical refrigeration, gel packs, liquid nitrogen and others. The electric refrigeration is expected to expand at a significant pace during the forecast period, due to rising consumer awareness.
To ensure that temperature-sensitive commodities are stored and transported in the best possible circumstances, hundreds of warehouses with cold chain systems are being built.
Based on end-user, the cold storage market is segmented into academic & research institutes and pharmaceuticals & biotechnology companies. After acquiring temperature-controlled products from suppliers, end-users such as hotels may have cold storage facilities.
Furthermore, cold storage is assigned to a third-party logistics provider (3PL), where products are kept until ready to be sent to end-users.
Based on regions, the healthcare cold storage market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to witness substantial CAGR of during the forecast. The region's growth is being fueled by the spread of connected devices as well as the presence of a big customer base.
Cold storage product manufacturers and packagers frequently have their own cold storage facility. This safeguards the products until they are delivered to distributors and final customers. Many end users have their own cold storage facilities at the other end of the supply chain. This keeps the items safe until they're needed.
Recent developments & impact analysis for healthcare cold storage market
- With temperature control measures, cold storage and refrigerated warehouses are an essential part of supply chains, and they're just growing wider – literally – with cold storage area growing at a rate of around 4% per year since 2013.
- Chilled Warehouse Automation/Robotics: In cold storage facilities, especially those that handle online purchases, turnover speed is critical.
- Automated/robotic technologies, Automated guided vehicles (AGVs), and automated storage/retrieval systems (AS/RS) are rapidly becoming commonplace in them in order to optimize it.
- Temperature Control in Bigger Storehouses: Many industrial cold storage facilities are being developed in expensive, metropolitan regions to offset high operating costs and the requirement for speedy delivery, leading enterprises to “go vertical” with their workplace. As a result of this tendency, fall prevention equipment has become a primary safety issue.
- Efficiencies in Energy Efficiency across the Cold Supply Chain: In today's cold storage business, energy efficiency and cold chain integrity are also important issues. The drive-through dock design is the gold standard for achieving both at the loading dock.
- Keeping up with the Demands of the Market: Managers of cold storage facilities who grasp the fundamental developments in cold storage warehouse operations – and the new equipment solutions to the difficulties they present – can ensure that their facilities stay up with the market's ever-increasing needs.
Future Opportunities for Healthcare Cold Storage Market
- In current scenario, transport the vaccines of Covid-19 is big task for many countries around the world. That creates huge amount of opportunities for cold storage vendors. Vaccines are frequently transported by truck and airline, with stops and storage at distributors along the way until arriving at the terminal, when they are placed back into cold storage.
- The slowdown in the cold storage industry initially hit the sector, producing congestion in several warehouses. However, during the early months of the pandemic, a strong increase in retail demand aided their success, and the effect is expected to persist longer.
- In the United States, cold storage warehouses are now holding a bigger volume of merchandise than usual. Volumes in US freezers and coolers in April 2020 are 2.5 percent and 10.3 percent, respectively, apart from seasonal products such as pharmaceutical products and vaccines.
- Many elements in the pharmaceutical supply chain are expected to alter as a result of the pandemic. Here, we identify possible investment opportunities for cold storage operators in the United States.
- Inventory levels could be increasing: Prior to 2008, according to the US Census, overall inventory levels were rationalizing as businesses sought to save expenses and optimize inventory levels. As a result of the financial crisis in 2008/09, there was a temporarily steep increase in the inventory-to-sales ratio. Similarly, because we expect to enter a depression in the second half of 2020, we anticipate a brief increase in this ratio due to reduced consumption and inventory accumulation. It is crucial to emphasize, however, that the decline in vaccine consumption will not be considerable until the later stages of the recession. This pandemic may force businesses to shift their inventory strategies from "just in time" to "just in case," resulting in higher inventory levels and, as a result, greater demand for cold storage market.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Healthcare Cold Storage Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Healthcare Cold Storage Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Healthcare Cold Storage Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Healthcare Cold Storage Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Healthcare Cold Storage Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Healthcare Cold Storage Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Healthcare Cold Storage Market Size & Forecast, 2018-2028
4.5.1 Healthcare Cold Storage Market Size and Y-o-Y Growth
4.5.2 Healthcare Cold Storage Market Absolute $ Opportunity
4.6 Future Opportunities
4.7 Recent Developments & Impact Analysis
4.8 Regulatory Landscape
4.9 Technology Landscape
Chapter 5 Global Healthcare Cold Storage Market Analysis and Forecast By Temperature Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Temperature Type
5.1.2 Basis Point Share (BPS) Analysis By Temperature Type
5.1.3 Absolute $ Opportunity Assessment By Temperature Type
5.2 Healthcare Cold Storage Market Size Forecast By Temperature Type
5.2.1 Chilled
5.2.2 Frozen
5.3 Market Attractiveness Analysis By Temperature Type
Chapter 6 Global Healthcare Cold Storage Market Analysis and Forecast By Storage Technique
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Storage Technique
6.1.2 Basis Point Share (BPS) Analysis By Storage Technique
6.1.3 Absolute $ Opportunity Assessment By Storage Technique
6.2 Healthcare Cold Storage Market Size Forecast By Storage Technique
6.2.1 Dry Ice
6.2.2 Electrical Refrigeration
6.2.3 Gel Packs
6.2.4 Liquid Nitrogen
6.2.5 Others
6.3 Market Attractiveness Analysis By Storage Technique
Chapter 7 Global Healthcare Cold Storage Market Analysis and Forecast By End-user
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By End-user
7.1.2 Basis Point Share (BPS) Analysis By End-user
7.1.3 Absolute $ Opportunity Assessment By End-user
7.2 Healthcare Cold Storage Market Size Forecast By End-user
7.2.1 Academic & Research Institutes
7.2.2 Pharmaceutical & Biotechnology Companies
7.3 Market Attractiveness Analysis By End-user
Chapter 8 Global Healthcare Cold Storage Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Healthcare Cold Storage Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Healthcare Cold Storage Analysis and Forecast
10.1 Introduction
10.2 North America Healthcare Cold Storage Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Healthcare Cold Storage Market Size Forecast By Temperature Type
10.6.1 Chilled
10.6.2 Frozen
10.7 Basis Point Share (BPS) Analysis By Temperature Type
10.8 Absolute $ Opportunity Assessment By Temperature Type
10.9 Market Attractiveness Analysis By Temperature Type
10.10 North America Healthcare Cold Storage Market Size Forecast By Storage Technique
10.10.1 Dry Ice
10.10.2 Electrical Refrigeration
10.10.3 Gel Packs
10.10.4 Liquid Nitrogen
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis By Storage Technique
10.12 Absolute $ Opportunity Assessment By Storage Technique
10.13 Market Attractiveness Analysis By Storage Technique
10.14 North America Healthcare Cold Storage Market Size Forecast By End-user
10.14.1 Academic & Research Institutes
10.14.2 Pharmaceutical & Biotechnology Companies
10.15 Basis Point Share (BPS) Analysis By End-user
10.16 Absolute $ Opportunity Assessment By End-user
10.17 Market Attractiveness Analysis By End-user
Chapter 11 Europe Healthcare Cold Storage Analysis and Forecast
11.1 Introduction
11.2 Europe Healthcare Cold Storage Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Healthcare Cold Storage Market Size Forecast By Temperature Type
11.6.1 Chilled
11.6.2 Frozen
11.7 Basis Point Share (BPS) Analysis By Temperature Type
11.8 Absolute $ Opportunity Assessment By Temperature Type
11.9 Market Attractiveness Analysis By Temperature Type
11.10 Europe Healthcare Cold Storage Market Size Forecast By Storage Technique
11.10.1 Dry Ice
11.10.2 Electrical Refrigeration
11.10.3 Gel Packs
11.10.4 Liquid Nitrogen
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis By Storage Technique
11.12 Absolute $ Opportunity Assessment By Storage Technique
11.13 Market Attractiveness Analysis By Storage Technique
11.14 Europe Healthcare Cold Storage Market Size Forecast By End-user
11.14.1 Academic & Research Institutes
11.14.2 Pharmaceutical & Biotechnology Companies
11.15 Basis Point Share (BPS) Analysis By End-user
11.16 Absolute $ Opportunity Assessment By End-user
11.17 Market Attractiveness Analysis By End-user
Chapter 12 Asia Pacific Healthcare Cold Storage Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Healthcare Cold Storage Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Healthcare Cold Storage Market Size Forecast By Temperature Type
12.6.1 Chilled
12.6.2 Frozen
12.7 Basis Point Share (BPS) Analysis By Temperature Type
12.8 Absolute $ Opportunity Assessment By Temperature Type
12.9 Market Attractiveness Analysis By Temperature Type
12.10 Asia Pacific Healthcare Cold Storage Market Size Forecast By Storage Technique
12.10.1 Dry Ice
12.10.2 Electrical Refrigeration
12.10.3 Gel Packs
12.10.4 Liquid Nitrogen
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis By Storage Technique
12.12 Absolute $ Opportunity Assessment By Storage Technique
12.13 Market Attractiveness Analysis By Storage Technique
12.14 Asia Pacific Healthcare Cold Storage Market Size Forecast By End-user
12.14.1 Academic & Research Institutes
12.14.2 Pharmaceutical & Biotechnology Companies
12.15 Basis Point Share (BPS) Analysis By End-user
12.16 Absolute $ Opportunity Assessment By End-user
12.17 Market Attractiveness Analysis By End-user
Chapter 13 Latin America Healthcare Cold Storage Analysis and Forecast
13.1 Introduction
13.2 Latin America Healthcare Cold Storage Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Healthcare Cold Storage Market Size Forecast By Temperature Type
13.6.1 Chilled
13.6.2 Frozen
13.7 Basis Point Share (BPS) Analysis By Temperature Type
13.8 Absolute $ Opportunity Assessment By Temperature Type
13.9 Market Attractiveness Analysis By Temperature Type
13.10 Latin America Healthcare Cold Storage Market Size Forecast By Storage Technique
13.10.1 Dry Ice
13.10.2 Electrical Refrigeration
13.10.3 Gel Packs
13.10.4 Liquid Nitrogen
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis By Storage Technique
13.12 Absolute $ Opportunity Assessment By Storage Technique
13.13 Market Attractiveness Analysis By Storage Technique
13.14 Latin America Healthcare Cold Storage Market Size Forecast By End-user
13.14.1 Academic & Research Institutes
13.14.2 Pharmaceutical & Biotechnology Companies
13.15 Basis Point Share (BPS) Analysis By End-user
13.16 Absolute $ Opportunity Assessment By End-user
13.17 Market Attractiveness Analysis By End-user
Chapter 14 Middle East & Africa (MEA) Healthcare Cold Storage Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Healthcare Cold Storage Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Healthcare Cold Storage Market Size Forecast By Temperature Type
14.6.1 Chilled
14.6.2 Frozen
14.7 Basis Point Share (BPS) Analysis By Temperature Type
14.8 Absolute $ Opportunity Assessment By Temperature Type
14.9 Market Attractiveness Analysis By Temperature Type
14.10 Middle East & Africa (MEA) Healthcare Cold Storage Market Size Forecast By Storage Technique
14.10.1 Dry Ice
14.10.2 Electrical Refrigeration
14.10.3 Gel Packs
14.10.4 Liquid Nitrogen
14.10.5 Others
14.11 Basis Point Share (BPS) Analysis By Storage Technique
14.12 Absolute $ Opportunity Assessment By Storage Technique
14.13 Market Attractiveness Analysis By Storage Technique
14.14 Middle East & Africa (MEA) Healthcare Cold Storage Market Size Forecast By End-user
14.14.1 Academic & Research Institutes
14.14.2 Pharmaceutical & Biotechnology Companies
14.15 Basis Point Share (BPS) Analysis By End-user
14.16 Absolute $ Opportunity Assessment By End-user
14.17 Market Attractiveness Analysis By End-user
Chapter 15 Competition Landscape
15.1 Healthcare Cold Storage Market: Competitive Dashboard
15.2 Global Healthcare Cold Storage Market: Market Share Analysis, 2020
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Alloga
15.3.2 BioLife Solutions
15.3.3 Philipp Kirsch GmbH
15.3.4 Cardinal Health
15.3.5 CRS Cold Storag
15.3.6 Glacier Coldrooms UK
15.3.7 Lonza
15.3.8 Helmer Scientific Inc
15.3.9 Roemer Industries
15.3.10 Thermo Fisher Scientific Inc.
15.3.11 GATI KAUSAR
15.3.12 Modular Coldrooms